NewMarket (NEU) Cash Flow: Operating & Free Cash Flow

NewMarket (NEU) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), NewMarket generated $568.97M of operating cash flow and spent $77.64M on capital expenditures. That left free cash flow of $491.33M, up 6.3% from $462.27M a year earlier, or 18.0% of revenue. It returned $183.15M to shareholders through $105.93M in dividends and $77.22M in share buybacks.

NewMarket Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for NewMarket Corporation (NEU) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	418.75	462.41	388.86	279.54	190.91	270.57	254.29	234.73	190.51
Depreciation & Amortization	122.42	116.96	78.01	82.29	84.32	84.00	87.56	71.76	55.34
Deferred Income Tax	34.38	-12.80	-14.75	-42.65	1.98	7.55	7.38	14.53	58.75
Change in Working Capital	22.32	-23.33	134.28	-204.64	-116.36	-54.09	4.76	-54.41	-36.33
Change in Accounts Receivable	-10.65	36.15	31.59	-73.09	-53.99	2.59	-22.59	14.10	0.25
Change in Inventory	32.77	-36.54	192.47	-166.56	-96.20	-33.11	31.88	-29.67	-44.94
Change in Accounts Payable	16.00	-7.64	-68.67	35.53	60.41	7.08	8.86	-19.64	17.96
Change in Other Working Capital	-25.83	-15.30	-9.58	-21.86	-37.48	-30.65	-13.39	-19.20	-9.60
Other Operating Activities	14.98	-23.65	-9.58	-38.82	16.81	-23.88	-16.78	-68.70	-25.48
Net Cash from Operating Activities	568.97	519.59	576.82	108.62	165.34	284.15	337.21	197.91	242.80
Investing Activities
Capital Expenditures	-77.64	-57.32	-48.29	-56.17	-78.93	-93.32	-59.43	-74.64	-148.71
Acquisitions	-213.45	-681.48	0.00	0.00	0.00	0.00	0.00	0.00	-183.93
Purchases of Investments	0.00	0.00	0.00	-0.79	-393.43	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	0.00	0.00	372.85	10.96	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	0.00	0.00	0.00	0.00	19.07	0.00	14.61	-2.00
Net Cash from Investing Activities	-291.08	-738.80	-48.29	315.89	-461.41	-74.24	-59.43	-74.64	-332.64
Financing Activities
Debt Repayment	-50.00	324.75	-361.00	-350.00	0.00	-44.68	-123.45	168.13	94.00
Common Stock Repurchased	-77.22	-31.91	-42.86	-207.47	-196.22	-101.43	0.00	-232.02	-26.00
Dividends Paid	-105.93	-95.90	-85.03	-84.26	-85.91	-83.42	-81.68	-80.45	-82.89
Other Financing Activities	-6.99	-11.13	1.30	-10.62	-5.79	-1.93	-2.95	-1.09	-4.09
Net Cash from Financing Activities	-279.14	185.81	-487.59	-439.36	255.13	-231.46	-208.08	-145.43	-18.98
Summary
Effect of Forex Changes on Cash	1.38	-1.06	2.29	0.26	-0.93	2.33	1.66	-3.58	2.84
Net Change in Cash	0.12	-34.46	43.22	-14.59	-41.87	-19.23	71.36	-11.13	-107.99
Cash at Beginning of Period	77.48	111.94	68.71	83.30	125.17	144.40	73.04	84.17	192.15
Cash at End of Period	77.60	77.48	111.94	68.71	83.30	125.17	144.40	73.04	84.17
Free Cash Flow	491.33	462.27	528.53	52.45	86.40	190.84	277.78	123.27	94.08
Supplemental Disclosures
Interest Paid	38.84	55.91	36.64	40.53	30.47	-	-	-	-
Income Taxes Paid	133.09	119.53	132.93	88.87	67.92	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About NewMarket Cash Flow

What is NewMarket's free cash flow?

NewMarket generated free cash flow of $491.33M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $568.97M minus $77.64M of capital expenditures. That was up 6.3% from $462.27M a year earlier. Free cash flow equaled 18.0% of revenue.

How much does NewMarket spend on capital expenditures?

NewMarket spent $77.64M on capital expenditures in fiscal 2025, compared with $57.32M a year earlier. That equals 13.6% of operating cash flow.

Does NewMarket pay dividends or buy back shares?

Yes. In fiscal 2025 NewMarket returned $105.93M in dividends and $77.22M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition